Covenant Logistics Group (NYSE:CVLG) Announces Earnings Results

Covenant Logistics Group (NYSE:CVLG) issued its quarterly earnings results on Thursday. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06, Zacks reports. The company had revenue of $353.89 million during the quarter. Covenant Logistics Group had a net margin of 0.31% and a return on equity of 9.14%.

Covenant Logistics Group Trading Down 0.7%

Covenant Logistics Group stock traded down $0.19 during midday trading on Thursday, reaching $28.78. The stock had a trading volume of 216,979 shares, compared to its average volume of 165,798. Covenant Logistics Group has a twelve month low of $18.00 and a twelve month high of $49.88. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.14 and a quick ratio of 1.10. The firm has a market cap of $730.44 million, a price-to-earnings ratio of 261.66 and a beta of 1.39. The firm’s fifty day simple moving average is $33.00 and its two-hundred day simple moving average is $33.91.

Analyst Ratings Changes

Several analysts recently commented on CVLG shares. Zacks Research lowered shares of Covenant Logistics Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Stephens set a $54.00 price target on shares of Covenant Logistics Group and gave the stock an “overweight” rating in a research report on Friday, July 31st. Robert W. Baird set a $50.00 price target on Covenant Logistics Group and gave the company an “outperform” rating in a report on Wednesday, August 19th. TD Cowen cut their price objective on Covenant Logistics Group from $43.00 to $42.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, Citigroup initiated coverage on Covenant Logistics Group in a research note on Wednesday, July 15th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.20.

Covenant Logistics Group Company Profile

Covenant Logistics Group, Inc is a transportation and logistics company headquartered in Chattanooga, Tennessee. Founded in 1986, the company provides freight transportation, supply chain management and related logistics services to customers across North America.

Its operations include expedited and dedicated truckload transportation, refrigerated and temperature-controlled freight, freight brokerage, managed transportation and warehousing. Covenant also provides final-mile delivery, cross-docking, fulfillment and other distribution services designed to support customers’ supply chains.

The company serves a range of industries, including retail, consumer goods, food and beverage, automotive and manufacturing.